He said: “Guernsey welcomes the Commission’s confirmation at the meeting that it considers Guernsey to be a cooperative jurisdiction.

“This recognises not only Guernsey’s adherence to the OECD and Global Forum international standards on transparency and information exchange, but also that our corporate tax regime has been assessed as compliant with the EU’s Code of Conduct on Corporate Taxation, and hence not containing harmful measures.”

Dominic Wheatley, chief executive of Guernsey Finance, the promotional agency for the Guernsey’s finance industry internationally, added: "We welcome the EU's endorsement of Guernsey as a cooperative jurisdiction, which is fully consistent with the findings of its Code of Conduct Group on Corporate Taxation in 2012.

“This clarification should give full confidence to all those looking to do business in Guernsey and enjoy the high-quality of the financial business environment here."